Shares of Levi Strauss & Co. jumped over 12% during premarket trading in the United States following the release of better-than-expected earnings for the first quarter of fiscal 2024.
The company reported that its revenue for the first trimester plunged 8% to $1.5 billion, while its net loss landed at $11, dipping from the net income of $115 million observed in the same period a year prior. However, Levi Strauss improved its forecast for the full fiscal year, projecting its earnings per share to be in the range of $1.17-$1.27 compared to $1.15-$1.25 projected previously. Additionally, the company reaffirmed that it expects its net income to rise between 1% and 3% in 2024.
Levi Strauss' stock soared 12.27% at 8:04 am ET, selling for $20.95 apiece.
